Tuesday, January 3, 2012

We hired 3 Associate Apprentices today at the newly founded First Fisher Bank. We presented them all with job offers, along with their associated job responsibilities and financial responsibilities. Shea was so giddy. As we began to explain that she would begin to make a lot more money, she at first thought that it must be a trap, and resisted terribly.
Finally I said, "I don't understand Shea, I thought you would have been so happy about this opportunity. I'm having trouble understanding your reservation. Can you help me understand?"
She replied, "It just doesn't seem possible dad, like it's some kind of joke or something. It just doesn't seem possible that you would pay us $XX every week." and then she giggled some more, like she'd won the lottery. More on how we determined the size of their paycheck.

Yesterday, after reading and contemplating the entitlement trap for quite a while, as co-presidents of the Fisher Family Economy finally got up the courage to begin the implementation of the entitlement trap as outlined in the entitlement. We created offer letters for each of the children, made a bank (the box you see in the picture), gave the kids some check registers to track their balance, and explained how the program works. "Everyday, you take care of 4 things, deposit a slip, and every Sunday becomes payday. Then, when you need to buy any clothing, toys, entertainment with friends, candy, sporting goods, etc. you take out your check register, write a check to the bank for the amount of the purchase, and Mom and Dad will buy it, subtracting the balance from your check register"

Responsibilities
The responsibilities went something like this:

Morning

get up on time
get ready for school
eats breakfast
get everything ready to go to school on time
bed made
room straightened

Homework

Finished Homework
Sheets signed
reading finished
spelling done
positive attitude
assigned computer work
Music Practiced
Long term Projects advanced
all stuff organized and signed in folders for tomorrow

Bedtime

Citizenship Bonus

Day One

Day one went pretty well. All of the kids were very anxious to deposit their slips into the bank. Logan approached me first tonight, asking me for a signature.
"Well, let's see." said I. "I began running through the responsibilities. "Music practiced?"

"Twenty minutes"

"Homework finished?"

"Completed."

I ran through a few more... "Let's take a look at this bedroom." A sheepish grin eased into Logan's face.

"Ummm.... Maybe you could give me a moment Dad."

"Don't worry Logan. I want you to succeed and have a good experience with this. How about we take a look, I'll make some suggestions on what can be done, and you see if you don't agree that you like it better that way."

"I feel like I wish you weren't inspecting my room dad..."

"Well, if you will allow me to inspect, make suggestions on how to tidy it and organize it, then I can sign your paper with a 4. Otherwise, I'd have a hard time signing a 4."

"You'll still sign me a 4?"

"Yes, if we can tidy it."

"Alright..."

We ended up learning how to find a place for everything, and everything in it's place, removing the clutter, and adding some of Logan's personality instead. The room was pretty nice, honestly. The bed was made, and only 5 or six things on the floor. But after going through, Logan said to me with kind a surprised tone, "Hmmm.... I'm kinda surprised, but I actually like this a lot better. Thanks Dad."

I grinned and beamed inside. "Your Welcome. I'm happy it worked out so well." And I truly was!

I went through a similar experience with Hayden and Shea. Both of them hesitant to have me inspect their work. But when they found that I was there to help them learn to improve their ability to keep a straightened room, and that I was intent on giving them credit for a job well done, they lost their reservations and cleaned up nicely.

They absolutely beamed when I signed their cards with a 4, and a 4 plus bonus for Shea. She called one of her friends for extra citizenship points.

You may have noticed that I'm hesitant to reveal the amount we determined to 'pay' them weekly for their new jobs. But it was a lot more than the monthly allowance we had been giving them before. As directed, we calculated everything we spent on our kids for clothing, toys, parties, entertainment (movies, parties) etc. per week and then took it at 2/3rds a weekly rate, because they may not choose to purchase underwear and socks, and some other necessities. It was quite a bit. Don't be surprised yourself if this number may seem unreasonable. But when you consider the prices of winter shoes, jackets, coats, sweaters, gloves, etc, etc., it all adds up.
The idea is, that they will now buy these things with their own money, and begin to therefore take ownership, rather than feeling entitled to it.
So far, we haven't had a purchase moment, but I promise to make a followup report.

Please, if you have used this method, I would love to swap stories with you. I haven't heard anything from any other friend of mine on their usage of this tool yet, and I'd love to swap stories from the trenches on it.

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About Me

I grew up in St. George Utah and now live in Leuven - Belgium.
I develop software and dabble in entrepreneurship. I'm pretty good at software, I'm learning a lot in the school of experience about entrepreneurship. I dream of crafting an idea that will give me more financial independence.
Best of all, I'm a husband and dad of 3.